Mr McClarron, 48, was driving a Range Rover, turned right into a junction at the same time that motorcyclist Stuart John Green, 26, was accelerating past him on his Yamaha R1, in August last year.
In the resulting collision, Mr Green was thrown from his bike and suffered serious head injuries. He was pronounced dead at the scene.
Mr McClarron, who runs McClarron Insurance Brokers in Malton and is master of the Derwent Hunt, was arrested on suspicion of causing death by careless driving. He denied the allegation and appeared for trial at York Crown Court this week.
On Monday, prosecuting barrister Bashir Ahmed told the jury that Mr Green, his brother Adam and friend James Pickard were out on one of their regular ride-outs when the tragedy occurred at about 8.20pm on August 15 last year.
Mr Green was at the head of the line of motorbikes riding in convoy. As they approached the junction of Gowlands Lane, Mr Green - who is thought to have been travelling at about 70mph when the accident occurred - overtook the Range Rover as McClarron turned right.
Today, the defence made a motion to the court asking for the charges to be withdrawn due to the lack of reliable evidence against Mr McClarron.
The judge agreed that there was not enough evidence to prove that Mr McClarron had neither looked in his mirrors nor indicated before the collision.
He ordered the jury to return a not guilty verdict on the charge of causing death by careless driving.